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|Subject: Re: Hi gang... wow!!!||Date: 9/18/2013 12:49 AM|
|Author: aj485||Number: 73014 of 75643|
When was the last time anyone lost any (let alone all, in a 'ruin event') due to a fixed life company going titsup?
I have no idea if it was the 'last' time. But Executive Life annuity policy owners had their annuity payments decreased recently: http://www.post-gazette.com/stories/business/news/broken-pro...
Mrs. Lawley, whose payout has been reduced to 47 percent of its original value, is one of 62 Pennsylvania residents who will lose a total $32 million in annuity policy payments in the Executive Life case. Nationwide, about 1,500 policyholders will lose a total of $920 million, highlighting potential weaknesses in the risk-free guarantee that many insurance companies emphasize when marketing annuities.
The bolded part averages out to over $613k per policyholder.
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